For too many people think that a simple will is the only estate planning document that you can use unless you are very wealthy. They assume the trusts are complicated and very expensive to create and … [Read more...] about Trusts Meet Estate Planning Challenges
Inheritances are not subject to regular income taxes, but there is a federal estate tax that can enter the picture. Fortunately, most families do not have to worry about it, because there is a credit … [Read more...] about Estate Tax Exclusion Will Rise in 2021
We are going to explain taxes on living trust distributions in this post. But before we drill down to this specific detail, we will share some of the benefits that these trusts provide. Efficient … [Read more...] about Are Living Trust Distributions Taxable?
A lot of people think that estate planning is a one dimensional endeavor. You create a simple will, and that’s the end of the story. In reality, a trust is a better option in some cases, and even … [Read more...] about Four Frequently Overlooked Estate Planning Details
Sometimes a holiday will trigger some wide-ranging emotions, and this can certainly apply to Thanksgiving. We get together with family members and friends and give thanks for all the good things in … [Read more...] about Thanksgiving Gratitude and Legacy Planning
When you are thinking about retirement, you may consider moving to another state for one reason or another. Many people move to places with milder weather so they can enjoy outdoor activities all year … [Read more...] about Consider Estate Taxes Before You Choose a Retirement Spot
We are sometimes approached by people that are dealing with negative situations that were caused by estate planning mistakes. In this post, we will look at five of these errors that are commonly made … [Read more...] about You Can’t Afford to Make These Five Estate Planning Mistakes
Chadwick Boseman played many heroic American roles and the superhero role of the Black Panther. His death at age 43 demonstrated how it’s important to have at least a basic estate plan in place even … [Read more...] about Chadwick Boseman Demonstrates the Importance of Planning
There are variations that fall under both umbrellas, but there are essentially two different types of trusts: revocable and irrevocable trusts. The names are pretty much self-explanatory. You can … [Read more...] about When Should You Use an Irrevocable Trust?
One of the reasons why it is wise to discuss your estate planning objectives with an attorney is because there are many different legal devices that can be used. As a layperson, there is no reason why … [Read more...] about Three Trusts That Fly Under the Radar